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SIMON CHEONG

Cheong is founder, chairman and CEO of SC Global Developments, Singapore's leading boutique property developer. It hit the headlines recently when it unveiled a private hospitality apartment decorated by French fashion house Hermès at its flagship development, The Marq on Paterson Hill. Last year, a European buyer paid $6,842psf to acquire one of the project's 21 top-end units. SC Global is currently developing the 36-storey Sculptura Ardmore at Ardmore Park. Offering 35 exclusive apartments, it will be the company's most expensive construction project to date. The largest unit — a “super penthouse” — will boast 11,000sq ft of space and its own lap pool. In December last year, Cheong launched a $745 million offer to delist the company but his plan was met with resistance by key stakeholder Wheelock Properties (Singapore). The group reported a loss of $31.7 million for the half year to June, from a profit of $119.1 million in the same period last year, mainly attributable to $65.1 million in provisions for asset impairment made by its 50% subsidiary in Australia, AVJennings.

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